USD/JPY stubborn on 102

FXStreet (Guatemala) - USD/JPY is trading at 102.18, up 0.03% on the day, having posted a daily high at 102.32 and low at 102.05.

USD/JPY is steady ahead of the FOMC but has been stubborn so far on 102 vs the pressure from the bears. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, for USD/JPY, there is a downside bias. She expects a weekly range to fall between 100.84 and 102.57 (the May 21st low to last week’s high)."USD/JPY is trading close to the top end of our expected range as risk aversion has faded, the Fed is expected to strike a hawkish tone and Japanese data highlights a vulnerable economic backdrop. We are long‐term USD/JPY bulls, expecting it to close the year at 109; but in the near‐term expect it prove somewhat range bound."